高盛：亚洲仓位资金流

Investment Rating - The report maintains an optimistic outlook on AI investment opportunities in Asia, highlighting strong growth potential in AI-related stocks across various sectors, with expected growth rates exceeding 20% [4][11][12]. Core Insights - The report emphasizes the increasing demand for AI computing and technology development, driven by cost reductions that facilitate widespread AI adoption [4]. - It identifies three key investment strategies: focusing on application-layer opportunities through AIGC Applications and Physical AI, increasing exposure to Taiwan Apple Suppliers due to iPhone upgrade cycles, and targeting high-quality companies with AI inferencing demand [4][22]. - The MSCI Index Review indicates potential weight increases for India in Asia/EM by 20 basis points, while Australia and Japan may see decreases of 10-20 basis points [4][25]. Summary by Sections AI Investment Opportunities - AI-related stocks in Asia are reasonably priced and exhibit strong growth potential, with a focus on applications-related companies [4][9]. - Robust earnings growth of over 20% CAGR is anticipated across various AI themes in Asia for the next two years [11][12]. MSCI Index Review - The report notes that India could experience significant passive inflows, while Japan and Australia may face passive selling due to weight adjustments in the MSCI index [25][26]. Earnings Results - A total of 317 companies, representing 48% of the MXAPJ market cap, reported Q4 2024 earnings, with 29% beating expectations and a median surprise of -5% [28][32]. - The earnings growth for the MXAPJ index is tracking at 96% of full-year consensus estimates, indicating a mixed performance across sectors [28][32].